Presto, a provider of restaurant labor productivity technologies, and Ventoux CCM Acquisition have reached a merger agreement that values the combined company at an estimated pro forma equity value of approximately $1 billion. If approved, upon closing, Presto Technologies would list on the Nasdaq.
The transaction will be funded by $172.5 million from the Ventoux trust account, assuming no redemptions, and a $70 million PIPE. The company is expected to add over $223.3 million of cash to its balance sheet, assuming no redemptions. Current shareholders will hold approximately 77% of the issued and outstanding shares of common stock immediately following the close of the transaction. Read more.
